MUMBAI (Reuters) – In August, the Reserve Bank of India (RBI) sold a net of $6.49 billion in the foreign exchange market, according to their monthly report.
This follows a net purchase of $6.93 billion in July.
In total, the RBI bought $16.14 billion and sold $22.64 billion in August.
While many Asian currencies gained 2% to 6% in August, the Indian rupee fell 0.2%, marking its second monthly decline.
The RBI intervenes in these markets to reduce currency fluctuations.
As of the end of August, the RBI’s net forward dollar sales were $18.98 billion, up from $9.1 billion the month before.
The rupee was trading at 84.0725 to the dollar on Monday.
(Reporting by Siddhi Nayak and Nishit Navin; Editing by Savio D’Souza)
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